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《大行報告》美銀證券:信義玻璃(00868.HK)下半年業務存較大下行壓力 重申「跑輸大市」
阿思達克 08-02 14:28
美銀證券發表研究報告指,信義玻璃(00868.HK)上半年稅後淨利達33.1億元,按年下跌39%,符合早前盈警公告,主要由於內地房地產建設需求疲弱,拖累浮法玻璃及建築玻璃的利潤率分別降至34.3%及39.8%。不過汽車玻璃的利潤率略升至50.6%,抵銷部分跌幅。 該行表示,信義玻璃上半年稅後淨利達到該行已調整全年稅後淨利預測的60%,由於浮法玻璃價格自第二季才下跌,在首季表現支持下上半年業績未算太差,但預期浮法玻璃價格在較長時間內將逐步下跌,料其毛利率降至13.4%,處於基本上是虧損的水平。相信公司下半年業務存較大下行壓力。 美銀指,除非看到建築需求顯著復甦或大規模的浮法玻璃生產線進行冷修,否則供應過剩及庫存堆積短期內仍會令利潤率受壓,重申「跑輸大市」評級,目標價14元。
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